EURUSD has been drifting sideways since 1.1190 levels, within a 100 pip range. The currency is testing 1.1300 handle as we publish, and it is expected to continue lower until 1.1350 interim resistance is intact. The potential wave counts since 1.1420 are as follows: The drop between 1.1420 and 1.1167 could be Wave 1/A, while subsequent rally towards 1.1350 could be Wave 2/B. If the above holds, EURUSD is within Wave 3, progressing towards 1.0930 and further. Looking further, the currency might have carves lower degree waves i and ii as labelled. Potential wave iii might be underway since 1.1300 levels and 1.1350 should ideally hold.
Remain short, stop @ 1.1420. target @ 1.0930 and further.
Risk Disclaimer:
Trading Forex or any CFD products may not be suitable to all investors and they must evaluate their risk appetite. The above article should not be construed as a trading or investment advice as it is solely for education and information purpose only. Trading might incur a loss of capital and hence investors might be required to gain further knowledge regarding the risks involved. Leverage should be used wisely.
Remain short, stop @ 1.1420. target @ 1.0930 and further.
Risk Disclaimer:
Trading Forex or any CFD products may not be suitable to all investors and they must evaluate their risk appetite. The above article should not be construed as a trading or investment advice as it is solely for education and information purpose only. Trading might incur a loss of capital and hence investors might be required to gain further knowledge regarding the risks involved. Leverage should be used wisely.